Something incredible is happening. For those of us whose work entails understanding people’s needs, within a global factor and contextual data framework, we have to be able to anticipate and prepare ourselves when new ways of implementing innovation arise.
Over the years, we have guided large companies in their transformations and helped them innovate their operating activities and the ways they deliver value internally and externally. For innovation to be viable it’s crucial to comprehend that the nature of the company can determine the type of changes that can be carried out.
At the present time, a new wave of transformation is processing and the companies that are prepared will obtain long-term benefits, as long as they understand the changes and opportunities that continue emerging, in time.
Internal Innovation + Open Innovation = 360° Innovation
We are constantly evolving. In order for sustainable value to grow and adapt itself along with the company, it is necessary to embark on a journey of continuous improvement which allows experimentation, learning, optimization and the possibility to quickly launch successful projects to market.
The new transformation wave will force companies to speed up the rhythm of improvements to, until now, unimaginable paces, which will in turn make them implement new 360° strategies that can accelerate incursion into new markets, but without neglecting core business.
Many global executives believe they are prepared to face the changes they foresee coming. However, they still ask themselves the following question: How can I protect my core business while it evolves towards new comprehensive models of innovation?
At DMO we are prepared for the future and we would like to offer you five tips that will help you brace yourself for the new transformation wave, while still protecting your current operations:
- Design a 360° innovation strategy: this type of innovation is holistic and it involves total and collaborative innovation that is driven by a strategic vision. Once the new transformation wave arrives, this strategy will be key to continue being successful. This emerging paradigm is based on a model composed of these four elements: strategic, total, open and collaborative*.
- Try new models of open R&D innovation: one of the main obstacles for many industries to accelerate innovation is the complexity of the R&D+I processes and the industry’s incapacity to allow a safe exchange of information between intra- and inter-company organizations. Virtual R&D+I centers, experimentation hubs or spin-offs with external R&D+I could act as catalysts where ideas are generated externally and applied internally. They could also be places where concepts are tested and iterated in an agile manner, while still protecting internal operations.
- Test a market with help of startups: in the future, it will become common practice for more and more companies to eliminate implementation barriers and try out new models with low investment by providing knowledge, access to market and infrastructure to a “strategically relevant” selection of next generation startups.
- Promote access to data : working with data and data analytics not only enables you to predict events before they happen but it also boosts the work ecosystem by improving global conditions and enabling “win-win” scenarios. The boom of data opening helps governments, entrepreneurs and established corporations develop new products, it offers solutions to people and changes the way competition takes place, and thus generates value for the global economy.
- Implement innovation with focus-driven teams: once a team has worked on the creation of a value proposition and has started with the first phase of implementation, a dedicated team with a special skill-set is needed in order to be able to implement innovation and take it to a more advanced level of development. Innovation demands people who are totally focused on this area and, on many occasions, a spin-out will be necessary.
Are you prepared for the new transformation wave? We can guide you.
*Holistic Innovation: An Emerging Innovation Paradigm. International Journal of Innovation Studies